Daily Archives: November 3, 2016

Real Estate Act 2016 Amended by Indian Govt

By | November 3, 2016

Real Estate (Regulation and Development) Removal of Difficulties Order, 2016. [F. No. O-17034/18/2009-H] MINISTRY OF HOUSING AND URBAN POVERTY ALLEVIATION ORDER New Delhi, the 28th October, 2016 S.O. 3347(E).––Whereas, certain sections of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016) (hereinafter referred to as the Act) came into force with effect from… Read More »

Financial services industry deserve a better GST

By | November 3, 2016

The financial services industry must be spared a compliance nightmare when the goods and services tax (GST) is rolled out. The industry is happy to pay whatever tax is due but would like the Centre and the states to sort out how to share the proceeds amongst themselves without making service providers jump through hoops… Read More »

Category: GST

Committee for National Corporate Social Responsibility Award

By | November 3, 2016

SECTION 135 OF THE COMPANIES ACT, 2013 CORPORATE SOCIAL RESPONSIBILITY CONSTITUTION OF STEERING COMMITTEE FOR CONDUCTING NATIONAL CORPORATE SOCIAL RESPONSIBILITY AWARD OF MINISTRY OF CORPORATE AFFAIRS GENERAL CIRCULAR NO.11/2016 [F.NO.02/04/2016-CSR], DATED 15-9-2016 In pursuance to the approval of Hon’ble Corporate Affairs Minister, National CSR Award is being set-up by the Ministry of Corporate Affairs. A… Read More »

Industry bodies call for eventual streamlining of multiple GST rates

By | November 3, 2016

Industry bodies call for eventual streamlining of multiple GST rates Industry bodies have raised concerns over the government’s proposed multiple rate structure for the Goods and Services Tax regime, saying that the four proposed rates should eventually be collapsed into fewer rates. They also called for a clear roadmap for the withdrawal of the cesses… Read More »

Category: GST

Application us/ 10 (23(C) can be filed even prior to 1st April of relevant Assessment Year from which exemption is sought

By | November 3, 2016

Held The application can be filed even prior to 1st April of the relevant Assessment Year, from which the exemption is sought. HIGH COURT OF PUNJAB AND HARYANA Shri Guru Ram Dass Ji Educational Trust v. Chief Commissioner of Income-tax, Amritsar S.J. VAZIFDAR, CJ. AND DEEPAK SIBAL, J. C.W.P. NO. 14010 OF 2016 SEPTEMBER  28,… Read More »

List of Documents required for GST Migration (India)

By | November 3, 2016

 Documents required for GST Migration (India) Following information/documents should be readily available with existing taxapayer before begining  to enroll with GST Portal I. Provisional ID received from State/Central Authorities; II. Password received from the State/Central Authorities; III. Valid Email Address; IV. Valid Mobile Number; V. Bank Account Number VI. Bank IFSC Documents a. Proof of… Read More »

How to Enroll on GST Portal (India) -FAQ’s

By | November 3, 2016

FREQUENTLY ASKED QUESTION For Enrolment of the Existing Taxpayer on the GST System Portal Part-A: – General Information 1. Who is an existing taxpayer? An existing taxpayer is an entity currently registered under any of the Acts as specified below:- a. Central Excise b. Service Tax c. State Sales Tax / VAT (except exclusive liquor… Read More »

GST- Puducherry govt asked traders to provide Mobile No & emails

By | November 3, 2016

The Commercial Taxes division of the Government on Wednesday asked traders to validate their mobile numbers and e-mail addresses at the department’s website. A press note said that as a precursor to the introduction of Goods and Services Tax, a provisional User ID and password for migration to GST Network (GSTN) portal has to be… Read More »

Protocol amending Convention between Indian and Japan

By | November 3, 2016

Protocol amending the Convention between the Government of the Republic of India and the Government of Japan MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 102/2016 New Delhi, the 28th October, 2016 INCOME-TAX S.O. 3346(E).— Whereas the annexed Protocol amending the Convention between the Government of the Republic of India and the Government of Japan… Read More »

Amendments in Standard Input Output Norms (SION) of Food product

By | November 3, 2016

GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE Public Notice No. 41/2015-2020 New Delhi, the 02nd November,2016 Subject:- Amendments in Standard Input Output Norms (SION) of Product group: Food products -reg. In exercise of the powers conferred under Paragraph 1.03 of the Foreign Trade Policy, 2015- 2020,… Read More »

Deferred Payment of Import Duty Rules 2016

By | November 3, 2016

Deferred Payment of Import Duty Rules 2016 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 134/2016-Customs (N.T.) New Delhi, dated the 2nd November, 2016 G.S.R. (E)—– In exercise of the powers conferred by the proviso to sub-section (1) of sections 47 and section 156 of the… Read More »

Deferred payment of import duty allowed to certain Improter

By | November 3, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 135/2016-Customs (N.T.) New Delhi, dated the 2nd November, 2016 G.S.R. (E)––In exercise of the powers conferred by proviso to sub-section (1) of section 47 of the Customs Act, 1962 (52 of 1962), the Central Government permits the following… Read More »

7 Top Priorities of new Chairman of Income Tax Department

By | November 3, 2016

SUSHIL CHANDRA Chairman. CBDT & Special Secretary to the Government of India GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-110001 E-mail : chairmancbdt@nic.in Tele 23092648 & Telefax : 23092544 FTS: 300311806/2016 DO No. CBDT/19/2016/Com-coord 1st November 2016 My dear colleagues, On taking over responsibility of the… Read More »

Constitution of Committee for changes in Income Tax Returns /Forms /scrutiny selection

By | November 3, 2016

DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 Phone: 0120-2770061, Email: abkkumar@incometax.gov.in F.No:. DGIT(S)/ADG(S)-2/CASS 2016-17/93/2016  Dated: 02.11 2016 OFFICE ORDER Subject: Constitution of CASS Committee for F.Y. 2016-17. 2. The CASS committee for F.Y. 2016-17 has been constituted with following members: 1. Shri S. S. Rathore, DGIT(Risk Assessment) –… Read More »

Banks to have 10% ATMs for Dispensation of Rs.100 banknotes exclusively

By | November 3, 2016

Dispensation of Rs.100 denomination banknotes through exclusive ATMs RBI/2016-17/106 DCM (CC) No.1170/03.41.01/2016-17 November 02, 2016 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Dispensation of Rs.100 denomination banknotes through exclusive ATMs Please refer to our circular DCM (CC) G-10/3352/03.41.01/2015-16 dated May 5, 2016 on the Currency Circulation and… Read More »

MVAT -Exemption of late fee for Monthly return -April 2016 to September 2016.

By | November 3, 2016

Office of the Commissioner of Sales Tax, 8th Floor, Vikrikar Bhavan, Mazgaon, Mumbai-10 TRADE CIRCULAR No. MAHAVIKAS/ADIC/New Automation/B- 840 Mumbai Dt. 02/11/2016 Trade Cir. No. 34T of 2016 Sub: Extension of due date for filing of monthly returns for the period from April 2016 to September 2016. Ref: 1. Trade Circular 22T of 2016 Dt.… Read More »

PF and Pension payments to EPF members on date of retirement Itself

By | November 3, 2016

Employee s Provident Fund Organisation Web Circulation No. CSD-l/CPGRAMS/Pragat/E-Samlksha/2016/1289 Dated: 01.11.2016 All Addl C.P.F.Cs (Zones ) All R.P.F.CS (In Charge) of Regional offices All R.P.F.CS (In Charge) of Sub-Regional Offices SUB: PAYMENT OF PF AND PENSION ON THE DATE OF RETIREMENT TO EPF AND EPS MEMBERS· PRAGATI REVIEW MEETING HELD ON 26.10.2016   -reg Sir/Madam, In… Read More »

Chapter VI-A deductions admissible on profits enhanced by disallowance

By | November 3, 2016

F.No.279/Misc./140/2015/ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Circular No. 37/2016- Income Tax, Dated: November 2, 2016 Subject: Chapter VI-A deduction on enhanced profits – Reg. Chapter VI-A of the Income-tax Act, 1961 (“the Act”), provides for deductions in respect of certain incomes. In computing the… Read More »

Management support services not fees for technical services under tax treaty with Finland

By | November 3, 2016

Management support services not “fees for technical services” under tax treaty with Finland  The Kolkata Bench of the Income-tax Appellate Tribunal held that no technology, know-how, or skills were made available by the taxpayer while rendering management support and other services to enable the Indian group company to function on its own without the taxpayer.… Read More »

Transfer of taxpayer case from Assessing Officer, prior agreement required

By | November 3, 2016

Transfer of jurisdiction The Supreme Court of India held that concerning the transfer of a taxpayer’s case from one Assessing Officer (AO) to another, an agreement between the two officers and their superiors was required prior to the transfer. The case is: Noorul Islam Educational Trust. Read an October 2016 report [PDF 326 KB] of… Read More »

Depreciation of brand value allowed

By | November 3, 2016

Depreciation of brand value The Chennai Bench of the Income-tax Appellate Tribunal held that a taxpayer is eligible to claim depreciation with respect to a “brand value” The tribunal found that merely because there was subsequent amalgamation was not a basis for finding the taxpayer had not acquired any brand name. When the taxpayer acquired… Read More »